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John’s preferences over toothpaste (good 1) and beer (good 2) are represented by utility function u = ln x1+ x2. Prices are given by p1 and p2, and he has income of m. What fraction of his income does he spend on toothpaste?
movements along the consumption function while changes in wealth lead to a shift of the consumption function.
increases the amount of a product that consumers buy because it keeps the price below the competitive market equilibrium. Elucidate do you agree with the student's reasoning.
Explain how does the price elasticity for flu vaccinations change in times when flu is more prevalent versus times when flu is less prevalen.
Assume the market for cough syrup is in equilibrium. Now, suppose the government imposes a price ceiling that is above the original equilibrium price. Illustrate what are the economic effects of the price ceiling?
Explain why is the usa called a democratic federal republic and how is our organization of government different than the canadian, israeli, japanese or french democracies.
From the supply and demand schedules, from Belgium what are the equilibrium price also quantity of cocoa beans.
An industry which generates detrimental externalities will have a marginal social cost higher than the marginal private cost to the industry.
Using simple money multiplier, calculate total change in money supply resulting from $1000 initial deposit. Explain how would hold this level of excess reserves affect total change in money supply.
Explicidate that a profit-maximizing bundle will typically not exist for a technology that exhibits increasing returns to scale as long as there is some point that yields a positive profit.
Deficient as the sole mechanism for determining the optimal level of resource employment.
What is the profit-maximizing p in the case that Godzilla and Macrosoft merge and suppose that Godzilla chooses its price first, and that Macrosoft only picks its price after observing Godzilla's price. Is the equilibrium price of the composite go..
Excise tax is collected from fishermen, who protest that y alone are bearing burden of this policy. Why might this protest be misguided.
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